Level Credit Card review 2022

Having successfully elbowed its way into the loans market, Lendable has launched its first credit card.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 34.9% (variable) p.a., your representative rate is 34.9% APR (variable).

Details

IssuerTransact Payments Limited
NetworkMastercard
Annual/monthly fees£0
Purchases34.9%
Cash advances34.9%
Min credit limit£200
Max credit limitSubject to status: £1,500
Aqua Classic Credit Card

Aqua Classic Credit Card

  • An Initial credit limit of £250-£1,200
  • Receive text alerts when you’re approaching your credit limit
  • Choose your repayment date
  • No annual fee

Representative 32.9% APR (variable)

Credit provided by NewDay Ltd. 18+, subject to status, UK only. T&Cs apply.
Promoted

Pros and cons

Pros

  • Avoid currency conversion charges when spending abroad
  • No annual fee

Cons

  • Minimum annual income requirement of £9,600

How does it compare?

Lendable's card

Name Product Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Level Credit Card
£0
Min. limit £200, max. limit £1,500.
£9600
34.9%
Representative example: When you spend £1,200 at a purchase rate of 34.9% (variable) p.a., your representative rate is 34.9% APR (variable).
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Other popular credit builders

Table: sorted by representative APR, promoted deals first
Name Product Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Bip Credit
£0
Min. limit £250, max. limit not specified.
Not specified
29.9%
Representative example: When you spend £1,200 at a purchase rate of 29.95% (variable) p.a., your representative rate is 29.9% APR (variable).
Check eligibility
HSBC Classic Credit Card
£0
Min. limit £250, max. limit £1,000.
£6800
29.9%
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,000 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).
Check eligibility
Aqua Classic Credit Card
£0
Min. limit £250, max. limit £1,200.
Not specified
32.9%
Representative example: Assumed credit limit £1,200, representative 32.9% APR (variable), purchase rate 32.94% p.a. (variable).
Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day
Check eligibility
Aqua Classic Balance Transfer Card
£0
Min. limit £250, max. limit £1,200.
Not specified
34.9%
Representative example: Assumed credit limit £1,200, representative 34.9% APR (variable), purchase rate 34.95% p.a. (variable).
Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day
Check eligibility
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Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

How to apply

If you've compared cards and settled on the Level Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.

Repayment options

When you apply, you'll be asked to set up a continuous payment authority (this gives Lendable permission to take fixed or varying amounts on a date that doesn't have to be specified beforehand) to ensure that no repayments are missed. This is also a great way to protect your credit score, which can be severely damaged by late payments on loans or cards. You can choose from the following regular repayment options. If you can, opt to pay the full balance off each month, as that way you'll be able to avoid being charged interest. You can make manual overpayments whenever you like using the app.

Minimum amount Fixed amount Fixed percentage Full amount

Frequently asked questions

What credit limit will I get with the Level Credit Card?

If Lendable is able to offer you this deal, the offer will specify a personalised credit limit based on Lendable's assessment of your situation. The minimum limit offered on the card is £200, while the maximum is £1,500. Once you've had the card for a while and shown Lendable that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Level Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Level Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 34.9%, which is the same as the standard purchases rate.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

Lendable has been offering personal loans for a few years, and now it’s launched this credit card. The brand is known for offering credit to a very broad range of credit profiles, so if you can’t get approved elsewhere, the Level card may still be a possibility.

Aside from this, the Level card’s main appeal is that it doesn’t charge currency conversion fees if you use it abroad – instead converting currency at the standard Mastercard rates. Plus, if you pay off your full balance each month, you won’t pay any interest on purchases at home or abroad either. There are a couple of caveats to this benefit – firstly that cash withdrawals at home or abroad do incur a fee, and secondly that if a merchant abroad offers to bill you in either sterling or the local currency, you should choose the local currency (otherwise it’s their bank’s currency conversion fees that will apply, and not your preferential ones).

All in all the Level card is more straightforward than most, charging you just one interest rate on all parts of your balance (it’s more normal for credit cards to charge different interest rates for different parts of your balance, like non-sterling transactions, cash advances, etc.). There’s also no annual/monthly fee to worry about, plus no late payment or over-limit fees (but you should still ensure you keep up with your repayments, to protect your credit record).

We found that the Level card’s app is better than most and worth a mention. As with most digital banks, the application process takes place mostly in the app rather than on the site (and your physical card then takes 3-5 working days to arrive). You can set your pin in the app and arrange a repayment date that suits you. You’ll be required to set up a continuous payment authority when you open the account, to ensure that you always pay at least the minimum monthly payment. You can also freeze/unfreeze your card any time you need to in the app. As you might expect, you can track your spending in real time, but you can also see any automatic or manual repayments you make immediately too.

You’ll also be notified via the app if and when you’re eligible for a credit limit increase. Some users report being offered this relatively quickly – in just a few months, in fact.

What’s not so great about this card? Well, there are no cashback or rewards schemes to shout about, but then that’s fairly standard on fair/bad credit products. The interest rate you’re offered, which will be tailored to your specific situation, is unlikely to be the lowest on the market (those will require excellent credit). Finally you can’t get an additional card, if you were hoping to… but that’s about it.

Overall, this is a very sensible, flexible card to suit a variety of credit profiles.

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